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		  <h1>Acer Stock Drops Following Gateway Bid</h1>
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								 <h2 class="storytitle"><a href="http://www.groundhogtech.com/news/acer-stock-drops-following-gateway-bid/" rel="bookmark" title="Acer Stock Drops Following Gateway Bid">Acer Stock Drops Following Gateway Bid</a></h2>
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									<p>Acer Inc.&#8217;s shares fell sharply Tuesday, one day after the Taiwanese computer maker said it would acquire Gateway Inc. for $710 million.</p>
<p>Acer said it will pay $1.90 a share, a 57 percent premium to the closing price of U.S.-based Gateway&#8217;s shares on Friday.</p>
<p>The deal, expected to close by December, will push the combined company past China&#8217;s Lenovo Group Ltd. as the world&#8217;s third-largest vendor of personal computers, behind Hewlett-Packard Co. and Dell Inc.</p>
<p>Some analysts believe the deal may be overpriced and Acer could be paying too much to expand market share.</p>
<p>Acer shares dropped 6.9 percent Tuesday, nearly the daily downside limit of 7 percent at NT$59.20, where they had been for most of the session.</p>
<p>&#8220;It&#8217;s a very expensive deal,&#8221; said Calvin Huang, an analyst at BNP Paribas, which maintained a &#8220;buy&#8221; rating on Acer&#8217;s shares. He estimates the acquisition&#8217;s fair value at a 10 percent to 20 percent premium to Gateway&#8217;s Friday closing price.</p>
<p>&#8220;Acer is now paying around $350 million for every additional 1 percent of global market share,&#8221; Huang said.</p>
<p>By comparison, when Lenovo Group Ltd. bought the personal computer arm of International Business Machines Corp. in 2005, it paid $290 million for every 1 percent of additional global market share, Huang said.</p>
<p>There may be more selling pressure in coming days as investors wait for further details of the deal, especially the price of Gateway&#8217;s planned acquisition of the parent company of Packard Bell BV, a PC maker based in the Netherlands, analysts said.</p>
<p>Macquarie Research said the deal is expected to use up nearly half of Acer&#8217;s current cash, in exchange for only limited earnings contribution.</p>
<p>&#8220;We believe Acer has underestimated the risk it may encounter after the acquisition, due to the fast-dropping market share of Gateway and the weakening U.S. PC market,&#8221; it said in a statement.</p>
<p>After trading as high&#8230;</p>
  
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